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1、本科毕业论文（设计）外文翻译原文：InsuranceandownershipstructureinIndia’scorporatesectorAsnotedearlier,corporateownershipstructureisessentiallyagovernancemechanismwhichinfluencesthewaymanagerialperformanceismonitoredandcontrolledinordertoensurecompliancewithowners’wealthmaximizationobjecti
2、ves(Pearce&Zahra,1992;Thomsen&Pedersen,2000;Zou&Adams,2008b).Financetheoryholdsthatstrategicriskmanagementtechniques,suchasinsurance,helpmanagersandownerstomaximizethetradedvalueofthefirmbyreducingthevolatilityofearningsandmitigatingfinancialdistressandbankruptcyrisk(Smith
3、&Stulz,1985).Morespecifically,propertyinsuranceinvolvesthetransferofinsurableassetrisks(e.g.,arisingfromfire,flooding,windstorms,andsoon)toathirdpartyinsurancecarrierinreturnforthepaymentofactuariallyfairratesofpremium(Mayers&Smith,1982).6Asnotedpreviouslyinfootnote1,MacMi
4、nnandGarven(2000)andMayersandSmith(1982),amongothers,arguethatinsuranceisanintegralpartofcorporatefinancialpolicyandthusanimportantstrategicissueforboard-levelmanagers.Indeed,severalprioracademicstudies(e.g.,Frootetal.,1993;Hoyt&Khang,2000;Mayers&Smith,1982;Zou&Adams,2006,
5、2008a;Zouetal.,2003)suggestthatpropertyinsurancecanbeaneffectivestrategicpost-lossinvestmentfinancingmechanismthatcanhelpreduceinformationasymmetriesandfinancialdistress/bankruptcyandother(e.g.,agency)costsforfirms.Inthisregard,managersmaybemotivatedtopurchasepropertyinsur
6、anceinordertoprotectandpromotetheirjobsecurity.TheanalysisofFrootandcolleagues(1993)furtherimpliesthatbyprotectingfirms’freecashflowsintheeventofunexpectedlyseverelosseventspropertyinsuranceenablesmanagerstorealizepotentiallypositivenetpresentvalue(NPV)projectsinthefirm’si
7、nvestmentopportunitysettherebyaddingvalueforshareholders(i.e.,thesocalled“crowdingoutproblem”).Inaddition,asinsuredassetshavetobereinstatedfollowinglosseventsinaccordancewiththeindemnityschedulesofinsurancepolicies(whicharealsosubjecttocompliancemonitoringbyinsurancecompan
8、ies)theagencytheory-basedriskthatmanagersmaymisusetheproceedsfromclaimsandinvestinnegativ
